Penny saved-penny earned

[DOGS THAT BARK]

Turned 60 this month and revamping things a tad more on conservative side.

With coming increased taxes on capital gains-divs and possibly tax on trades themselves I decided uncle sam was getting a tad to greedy so I'd cut him off.

Had SEP ira (started 1983) and regular ira (started long time before that)and stocks outside ira's and some cd's.

I sold all stocks outside existing IRA'S and opened a Roth IRA and contributed $6,000 for both 09 and 2010 and will buy stocks back inside this IRA and can continue to fund.

The remainder of proceeds from stocks I will put into KYTFX- a KY taxfree bond fund. I will also put all CD's as they come due into this fund and doing same for wife.

Wife and I will continue to gift inlaws in China as currency hedge in addition have position on Assuie $ inside SEP and plan sell 1/2 and buy Candian $ to further diversify risk..

So aside from interest bearing checking accounts our family should have negligible taxes on investments from 2010 on.

--a couple notes:
Roth IRA you can contribute $5,000 a year $6,000 if 50 or over even if you you fund SEP as long as adjusted income for joint filers is less than $176,000

Tax Free Gift- You and spouse and gift up to $13,000 each a year to any # of recipients. This can be extremely valuable tool from many diff perspectives--

-can even gift to parents and inherit it back--even ways to compound return- tax free.

 

[selkirk]

in Canada the tax free account have just been introduced $5000 per year. not much but every bit does help, plan on putting fixed income into these accounts.

TRP TransCanada Pipelines came out with their results here they are:

earnings rose 3.6% 1.33 billion from 1.28 billion.
however earnings per share fell from 2.25 to 2.03, this is because they issued more share during the quarter.

this did this since they plan to spend $22 billion on new projects over four year, they have already spent $12 billion.

Keystone pipeline which take Alberta crude to Illnois is almost done and will be ready this year.
also builiding natural gas power plants in Ontario and Arizona and doing a rebuild on Bruce (nuclear plant in Ontario), which they own just under half.

they increased the dividend 5% from .38 to .40 quarterly div.

thanks
selkirk

 

[DOGS THAT BARK]

Kirk Yep been saw that on TRP Reduced stock positions in SEP to 10 and TRP is one of them. I really like the stock-thank you--it and CEL are 2 of my favs. All stocks except 1 pay dividends (bout 5.5% ave)

My old IRA is my speculative (fun) fund. Have twice as many stocks in it--many are positions where I sold 1/2/kept 1/2. Almost 100% China positions.

Haven't decided what to do with Roth yet--any suggestions?--might try a couple comeback candidates like etrade.

 

[djv]

Yup I remember 60 it was just 7 years and 4 days ago for me. I happy I can rememeber it. Dam where all those years go so fast. :shrug:

 

[selkirk]

DTB I am interested in a US insurance company, Sunlife and Manulife both missed earnings.

MFC made over .50 cents a share, SLF is more tied to the US credit markets, and MFC the US equity markets, averages...believe both will come through...though it will take time..

have no holdings on slf at present very small long/short position on MFC (options, and own a small amount)...

however what about AFL the duck, aflac, they beat estimates, and have a habit of increasing the div...they are projected by the street to come in at 5.29 earnigns per share...

maybe 5.20-5.60 per share this year,
the stock trades at 49.94
div 1.12 yield 2.24%
and trades at less than 10X earnings...

going to look into more, has not moved since been watching it,....46-50.....

BIG BLUE IBM
1.71% yield, trades at 11X this years earnings, growing backlog....have not bought either, looking at buying IBM options, since they seem cheap....

looking to buy a small amount on a pullback.

other tech positions, rim, covered calls at 74cdn...thread, also did a 62 put and 80 call april, hope it lands in the middle.

OTC on Toronto, this is a cheap tech company bought at 45-46 now at 49cdn. 42 puts sold out to july.

looking at IBM


as for etrade not sure, own TD which controls td waterhouse....that is the chicken way of buying a brokerage...would rate TD a hold just because the cdn. banks have had a good run, up on earnings, from CM, and BMO, TD and Royal bank and BNS reporting later this week.....

thanks
selkirk

 

[DOGS THAT BARK]

DTB I am interested in a US insurance company, Sunlife and Manulife both missed earnings.

MFC made over .50 cents a share, SLF is more tied to the US credit markets, and MFC the US equity markets, averages...believe both will come through...though it will take time..

have no holdings on slf at present very small long/short position on MFC (options, and own a small amount)...

however what about AFL the duck, aflac, they beat estimates, and have a habit of increasing the div...they are projected by the street to come in at 5.29 earnigns per share...

maybe 5.20-5.60 per share this year,
the stock trades at 49.94
div 1.12 yield 2.24%
and trades at less than 10X earnings...

going to look into more, has not moved since been watching it,....46-50.....

BIG BLUE IBM
1.71% yield, trades at 11X this years earnings, growing backlog....have not bought either, looking at buying IBM options, since they seem cheap....

looking to buy a small amount on a pullback.

other tech positions, rim, covered calls at 74cdn...thread, also did a 62 put and 80 call april, hope it lands in the middle.

OTC on Toronto, this is a cheap tech company bought at 45-46 now at 49cdn. 42 puts sold out to july.

looking at IBM


as for etrade not sure, own TD which controls td waterhouse....that is the chicken way of buying a brokerage...would rate TD a hold just because the cdn. banks have had a good run, up on earnings, from CM, and BMO, TD and Royal bank and BNS reporting later this week.....

thanks
selkirk

Aflac one of few insurance companies I have ever owned stock in--and was purchased by default maybe 15 years ago. Is only stock I own outside of ira's. I had one year contract with them and opted to be paid in stock for commission with divs in dripp.Has accumualated quite well. A steady peck peck results.
--longterm graph http://finance.yahoo.com/echarts?s=AFL#symbol=AFL;range=my

I have kept it even after my recent revamping as I have it earmarked for neice (now 6) for her education--so has several years to run.

It has been one steady line upward on the graph--except this past year fiasco where it dropped from 40's to 10's.
I was quite shocked at this stock being that volitile--and an absolute dummy for not buying more when it dropped.
Most fluxuations of any degree in past have resulted in their operations in japan. They are very big over there.

What I like best about company is products they sell--which are defined benefits for most part.
eg They pay certain amount vs a % on most benefits. It alleviates rising costs from equation.
Therefore people premiums rairely rise and they retain most business written.

Not like variables of floods or earthquakes-in property and causualty--or increasing healthcare cost in medical insurance--to throw any surprises in the mix.

In fact quite similiar to life ins. Actuaries don't have a lot of unknowns to enter into rates--and profits are general modest but stable.

 

[DOGS THAT BARK]

Hmmm This kinda freaked me out. Just finished reading it--and is carbon copy of my thoughts on economy what I been doing past year--even has same currencies--
Hope he's right

How to Prepare for Retirement Jeopardy


Recently I?ve met a number of older friends who?ve saved enough money to consider retiring. These friends have asked me, financially, what could jeopardize a comfortable retirement and how they should prepare for these potential problems. Here?s what I see as the major threats to a comfortable retirement:
1) Deflation, Stagflation and Inflation
For those in the workforce, deflation and stagflation feel like trying to walk through mud on a rainy day. Things are painful, and a recovery is slow and drawn out. For retired folk, this isn?t so bad. Prosperity led by inflation is actually the enemy of a retiree. Most retirees face a situation of managing a fixed income and fixed amount of assets. Deflation makes items more affordable and allows you to use your savings more effectively. Stagflation allows you to maintain your level of living, as you can stretch your savings out without any significant need for new income.
Inflation is the greatest threat to a comfortable retirement. Currently the government deficit is out of control. At the time of this post, national government debt stood at $12,390,129,946,402, while GDP stood at $14,285,707,057,143. Our debt to GDP ratio stood at approximately 86.7%. There are three ways to handle such enormous debt:

1. We can write off the debt
2. We can generate income and pay down the debt
3. We can inflate our way out of the debt

Writing off a portion of the national debt isn?t an option, as it would guarantee a loss of our AAA rating and there would be a sudden loss of confidence in Treasuries. Generating income to pay down our debts is our best choice, but without any short-term growth driver, it would be hard to pay down such enormous debt.
Economic recovery in the US has traditionally been led by the automotive industry, the housing industry or an emerging industry like the tech boom of the previous decade. With the automotive industry in decline, the housing industry struggling and without any innovative industry around the corner, I don?t see an easy way for the US to generate enough income to pay down our debts. Without any driver of income growth, the easiest way to get out of a heavy debt burden is to slowly inflate our way out.
In order to quickly emerge from the recession and spur business growth, the Fed is printing money at an alarming rate, while keeping interest rates at basically 0. The longer the formula of growing money supply + low interest rate exists, the likelier we are to experience rapid inflation. I saved this picture from the Wall Street Journal, which illustrates the effect of an easy money policy on the stock market. With capital inexpensively available to invest, the stock market aggressively rallied following previous major crashes and gave an early warning of the inflating bubbles to come. The products of inflation and the intended effects of an easy money policy will make the value of our debts appear smaller in the long-term. If 12 trillion felt more like 120 billion, it would certainly make the debt manageable.

​

(Click to enlarge)
A relevant example of inflating our way out of debt would be the Savings and Loan crisis. Between 1986 and 1995, 1000 financial institutions failed and the US taxpayer was on the hook for $153 billion. The initial estimate to clean up the S&L crises was $30-$50 billion, a number that shocked many taxpayers at the time. Economists had predicted many decades to clean up the mess and get the economy back on track. What happened instead was the Greenspan policy of stoking inflation by flooding the economy with new money and dropping interest rates to as low as 1%.
By the late '90s, the tech boom was around the corner and economists quickly revised their opinions on how fast we would be able to pay down our debt. After the tech crash and 9/11, we had a return to easy money and a recovery led by housing. By the last decade, $153 billion in government debt no longer seemed like a difficult to comprehend number.
Bernanke is clearly following Greenspan?s monetary policies by simultaneously increasing the money supply, while keeping interest rates low. If we follow the pattern of previous recoveries, $12 trillion in a decade or so will no longer feel like an unacceptable number. We will be far along the path of an easy money + (insert industry) -led recovery. A new generation of dotcom?s, biotechs or green technology may be the future excuse to spend.
We can already see the early stages of recovery as financial executive pay packages have returned to record-setting levels. Many financial executives are receiving bonus compensation in the form of stock and options. Compensation heavily slanted toward stock and options will only further incentivize financial executives to create business with the easy money under management. This should add further inflationary concern for retirees.
Without any hidden or new problems in our financial institutions, frozen credit markets are only a short-term problem as financial institutions build up reserves and capital ratios. At the moment few asset classes and business proposals currently pass the tests of risk management and the loan approval departments of banks and venture funds. Just think back to a decade ago on how little information you needed to get an investment for a dotcom or a few years ago for a loan on a property. Once a hot industry is found money will eventually be freed for investment and it?s off to a spending race once this happens.
For a retiree, this poses a danger as the effectiveness of their savings will appear to get smaller each year. The only way to combat inflation is for retirees to have strategies in place to grow their savings at a level equal to or faster than the real rate of inflation. For some, this may or may not be a challenge, as many older retirees are only interested in maintaining their standard of living and a large enough nest egg will allow them to do so.
2) Institutional Failures
By far, the largest threat to retirees is losing their savings or pension. During the S&L crises, 1000 financial institutions failed and many that failed held the savings of retirees. The enormous number of failures meant that retirees with more than $100k in a single account lost a part of their savings. If a retiree had $500k as a cash portion to retire, I would hope he or she had separated it into 8-10 deposits with different institutions. It?s a hassle to wait for the FDIC to sort out your saving deposits if an institution fails. By separating your savings between multiple institutions, you gain the safety of having available funds in the event one or more of the institutions fail.
With the rapid rate of bank and fund closures, it makes sense to go through the hassle of managing multiple accounts to gain peace of mind. To date, 182 banks have failed in the US since January of 2008, according to the FDIC website. Though I don?t have a total tally, in plain sight, a large number of pension funds, mutual funds, hedge funds and non-bank financial institutions have also failed since the beginning of 2008.
3) Asset Diversification
Everyone has his own judgment on by what percentage to divide savings into different assets, so I?ll save my opinion of what percentage to divide for a different post. Retirees should have assets in few major categories to be considered truly diversified against #1 and #2 above.

• Self-Owned/Income Producing Property

Owning your own home free and clear to live in provides both safety for a part of your nest egg and can provide peace of mind. Income producing property can be a hassle from a management perspective and from a choice perspective, as a retiree may choose a poorly performing investment property. Chosen correctly, high yielding investment property is a great way to keep up with inflation and provide a steady stream of income for retirees to spend.

• Paper Assets

The bulk of most retirees' savings are likely to be held in paper assets. For cash, potential retirees should consider holding one or more alternative and higher yielding currencies to the USD. I?ve recommended holding AUD as it fell as low as .65. I continue to recommend AUD, CAD, and KRW.
As potential retirees witnessed the fall of their pension funds and investment products with Fannie Mae (FNM), Freddie Mac (FRE), Lehman Brothers (LEHMQ.PK), Merrill Lynch (MER), GM, AIG (AIG) etc. many have realized the need to diversify any paper assets into a variety of categories. Paper diversification should mean holding a mix of cash, bonds, equities, funds, notes etc., preferably in more than one currency and held at more than one financial institution.
Retirees could take a look at the Wall Street News Network website as a resource of tax-free dividend stocks to supplement any rental or interest income. A few of them that look interesting include PMX (7.8% yield), PMF (7.4% yield), NMZ (8.4% yield), VMO (7.4% yield), BFK (7% yield), BBL (7.1% yield), BKN (7.2% yield).
All of the funds above are mainly focused on investing in municipal bonds and pay dividends on a monthly basis.

• Physical and Paper Commodities

Commodities do a great job of holding up against inflation in the long-term. A mix of precious metals, agriculture and energy commodities will help maintain the value of your retirement portfolio. Exposure for some commodities like gold, silver, platinum etc. can come in the form of physical delivery that you can store and resell. Most investors' exposure to commodities will come in the form of ETF holdings, fund holdings or shares in listed companies of the commodity sector chosen. Some of the commodity funds and listed companies offer high yield returns for investors.
All of the advice in this post can help maintain a retiree's nest egg and provide a comfortable stream of income to protect against many unforeseen economic developments.
Disclosure: No positions
<SCRIPT type=text/javascript>SeekingAlpha.Initializer.LogAndRun(load_article_toolbar);</SCRIPT>
About the author: Andy So




Andy So is an individual investor who follows a combination of fundamental Grahamian method and chart strength analysis to find stocks that have become underpriced due to unusual market situations. Concentrating in the technology, energy and precious metals sectors, Andy describes his personal... More

 

[selkirk]

thanks for the info dtb, bought some afl, small position...there are also two other money managers who like the stock, so a good play...

believe mfc will also be a good insurance play except they issued 2.3 billioin in dec 2008 and nov of 2009 they issued 2.5 billion...they also cut the div.

did not mind the first issue of shares did not understand the second time when they were profitbale....

agree with much of what the author says, resources will do well especially if the world grows even if at a slow rate...

I believe they will try to inflate their way out of the problelm that is the only way to do it, and 4 trillion put in the system is probably what saved the system.... also the best way to fight debt is to inflate their way out of the problem...

however the national debt will not and cannot be infalted (away)....it is past that point....however that is a problem a few years in the future...

in the mean time they will keep rates near zero, though the bond market will start moving up 1-2%

thanks
selkirk

 

[DOGS THAT BARK]

Doing some experiment on a angle on Roth I opened per above.

Been working on capturing dividends--which I tried on occasion before without much success as they most generally drop the next day making them a wash--but this time using mostly foreign companies that pay div only once a year making gain pretty decent--and don't know if just been lucky but haven't seen significant drop from them after ex div date.

Captured so far--
MNDO
<TABLE border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=yfnc_tabledata1 noWrap align=right>24-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.72</TD><TD class=yfnc_tabledata1 align=right>1.72</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.68</TD><TD class=yfnc_tabledata1 align=right>58,600</TD><TD class=yfnc_tabledata1 align=right>1.68</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>23-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.62</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>139,000</TD><TD class=yfnc_tabledata1 align=right>1.70</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>23-Mar-10</TD><TD class=yfnc_tabledata1 colSpan=6 align=middle>$ 0.20 Dividend</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>22-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.85</TD><TD class=yfnc_tabledata1 align=right>378,300</TD><TD class=yfnc_tabledata1 align=right>1.65</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>19-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>96,400</TD><TD class=yfnc_tabledata1 align=right>1.61</TD></TR></TBODY></TABLE>

GOL

<TABLE border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=yfnc_tabledata1 noWrap align=right>31-Mar-10</TD><TD class=yfnc_tabledata1 align=right>12.25</TD><TD class=yfnc_tabledata1 align=right>12.56</TD><TD class=yfnc_tabledata1 align=right>12.22</TD><TD class=yfnc_tabledata1 align=right>12.39</TD><TD class=yfnc_tabledata1 align=right>1,114,600</TD><TD class=yfnc_tabledata1 align=right>12.39</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>30-Mar-10</TD><TD class=yfnc_tabledata1 align=right>12.24</TD><TD class=yfnc_tabledata1 align=right>12.31</TD><TD class=yfnc_tabledata1 align=right>11.95</TD><TD class=yfnc_tabledata1 align=right>12.05</TD><TD class=yfnc_tabledata1 align=right>894,000</TD><TD class=yfnc_tabledata1 align=right>12.05</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>30-Mar-10</TD><TD class=yfnc_tabledata1 colSpan=6 align=middle>$ 0.398 Dividend</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>29-Mar-10</TD><TD class=yfnc_tabledata1 align=right>12.32</TD><TD class=yfnc_tabledata1 align=right>12.46</TD><TD class=yfnc_tabledata1 align=right>12.29</TD><TD class=yfnc_tabledata1 align=right>12.46</TD><TD class=yfnc_tabledata1 align=right>565,100</TD><TD class=yfnc_tabledata1 align=right>12.06</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>26-Mar-10</TD><TD class=yfnc_tabledata1 align=right>12.22</TD><TD class=yfnc_tabledata1 align=right>12.27</TD><TD class=yfnc_tabledata1 align=right>11.97</TD><TD class=yfnc_tabledata1 align=right>12.10</TD><TD class=yfnc_tabledata1 align=right>809,700</TD><TD class=yfnc_tabledata1 align=right>11.71</TD></TR></TBODY></TABLE>

and holding MTA which goes ex 28th of this month and DT which has not declared yet but should do so in next week--as they have since 97.

I've been building list of these once a year divs--if anyone is interested.

 

[selkirk]

DTB it would be interesting to track, have never read a really good report on how stocks react around the time of their div;.

have no idea about annual div, but always felt that for North American stocks (ie. quarterly or monthly ) it was better to buy them weeks before (the stock would run up before paying the div)...or buy it after a few weeks, since the stock would go down the amount of the div, and sometimes more...

one example of a stock running up (we are in a market where people are chasing yield), cuf.un (on Toronto) traded in a range of 18.80 to 19.10-19.20...traded this three times, and of coarse sold out at 19.10/19.20 very happy...

in the next four days it ran up 19.70 the day before it went ex div.

then it falls back down to 19.20-19.30 after ex-div...of coarse they did a stock issue at 19.20..

also many of the cdn. divs ussually after paying the div, often drop by more than the div, and slowly drift lower...well maybe not lately...but that would be the pattern...


thanks
selkirk

 

[DOGS THAT BARK]

DTB it would be interesting to track, have never read a really good report on how stocks react around the time of their div;.

have no idea about annual div, but always felt that for North American stocks (ie. quarterly or monthly ) it was better to buy them weeks before (the stock would run up before paying the div)...or buy it after a few weeks, since the stock would go down the amount of the div, and sometimes more...

one example of a stock running up (we are in a market where people are chasing yield), cuf.un (on Toronto) traded in a range of 18.80 to 19.10-19.20...traded this three times, and of coarse sold out at 19.10/19.20 very happy...

in the next four days it ran up 19.70 the day before it went ex div.

then it falls back down to 19.20-19.30 after ex-div...of coarse they did a stock issue at 19.20..

also many of the cdn. divs ussually after paying the div, often drop by more than the div, and slowly drift lower...well maybe not lately...but that would be the pattern...


thanks
selkirk

Your absolutely correct Kirk. Where I have prob with US stocks is as you say- you need to buy before--prob you run into is quarterly report comes out same time div is declared--and your at the mercy of report--the same as if no div was in play. Have looked at capturing divs in US market and have found no way but these one a year may prove diff--will be interesting anyway.
Best play I see on U.S. companies is when one retires and wants income--purchase the div achievers and forget about price of stock.

 

[IE]

How you can benefit with the dollar at par


Five tips on how you can profit from the rising Canadian dollar


Parity for the dollar, opportunities for you.

There's a consensus that the Canadian dollar is entering a period of sustained strength against the U.S. dollar, and that means all kinds of opportunities for you in your spending, travelling and investing. Here are five things you can do to benefit:
1.) Open a U.S. dollar bank account:

Planning to travel to the United States in the near or distant future? Be ready with a stockpile of cash held in a U.S.-dollar bank account. Pretty much all banks offer them, but don't sign up without comparing your options. The ING Direct U.S. dollar investment savings account pays 0.75 per cent and charges no fees.

If you plan to use your credit card a lot while travelling in the United States, it makes sense to have a U.S.-dollar account partnered with a U.S. dollar credit card. That way, you can pay your credit card bills without getting dinged with the 2.5-per-cent currency conversion fee that most financial institutions charge when you use their cards to buy items in foreign currencies.

2.) Buy something expensive that's falling in price

Porsche Canada has just announced a ?currency credit? program that cuts prices by $4,000 to as much as $8,000 to $10,500.

Another retailer cutting prices as a result of the dollar's strength is Brooks Brothers, the upper crust clothier. As of April 1, three Brooks Brothers non-iron shirts can be had for $89.50 each, down from $108. The price cuts remain in effect as long as the dollar remains strong.

3.) If you're a snowbird, think about converting a chunk of your savings or investments to U.S. dollars for future use

Many snowbirds exchange Canadian dollars into U.S. currency on an as-needed basis, which means they're getting good exchange rates some years and terrible rates in other years.
Now, there's a chance to make a big lump-sum conversion of Canadian dollars at a moment when $1 Canadian is pretty much the same as $1 U.S. As well as allowing you to capture an exchange rate at parity, a lump-sum cash conversion into U.S. dollars can also save you on fees. You avoid a year-by-year accumulation of fees, and conversions fees for large amounts can be discounted somewhat.


4.) If you're not a snowbird, become one by buying some U.S. real estate

Canadians started to get excited about buying U.S. real estate when the loonie was last at parity, back in late 2007. Then the currency started to fall and the deals didn't look so good.

Now, they're far better. While our dollar was returning to parity, U.S. home prices fell even further. The market for lower-priced condos and homes in Arizona and Florida is starting to pick up, but a nice condo for well under $100,000 (U.S.) is still quite realistic.

5.) Buy some U.S. stocks

A rising Canadian dollar neutralizes returns from U.S. and global assets. The solution: buy when the dollar is at a high point, like it is now.

Long term, many currency watchers see our dollar falling below parity again. When that happens, your returns in U.S.-dollar investments will be enhanced by the currency.

 

[selkirk]

Canadian dollar reached parity this morning, so a good time to buy US stocks.

however the Cdn. dollar will proably stay stronger against the US than many believe, our debt is smaller and the economy is growing faster, also as the world economy recovers resources will go up...

one more point on the divs, TD went ex div a few weeks back, the day after it went ex div, the stock fell along with the other cdn. banks.

they had a good run up for a few weeks, and that week people wanted oil stocks, cnq went from 72-77...ect.

however TD fell the same amount of the other banks plus some more (more than you would have got on the div...so it fell from 74.50 to 72.60, now back up to 76.11...just proves that in most cases by them afer ex-div, get them on sale, if you want a long term holding or even a short term trade...

thanks
selkirk

 

[DOGS THAT BARK]

DTB it would be interesting to track, have never read a really good report on how stocks react around the time of their div;.

have no idea about annual div, but always felt that for North American stocks (ie. quarterly or monthly ) it was better to buy them weeks before (the stock would run up before paying the div)...or buy it after a few weeks, since the stock would go down the amount of the div, and sometimes more...

one example of a stock running up (we are in a market where people are chasing yield), cuf.un (on Toronto) traded in a range of 18.80 to 19.10-19.20...traded this three times, and of coarse sold out at 19.10/19.20 very happy...

in the next four days it ran up 19.70 the day before it went ex div.

then it falls back down to 19.20-19.30 after ex-div...of coarse they did a stock issue at 19.20..

also many of the cdn. divs ussually after paying the div, often drop by more than the div, and slowly drift lower...well maybe not lately...but that would be the pattern...


thanks
selkirk

Will do report on them Kirk-highlight are bought and sold dates

MNDO

<TABLE border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=yfnc_tabledata1 noWrap align=right>16-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.88</TD><TD class=yfnc_tabledata1 align=right>1.97</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.97</TD><TD class=yfnc_tabledata1 align=right>232,600</TD><TD class=yfnc_tabledata1 align=right>1.97</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>15-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.83</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.82</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>62,900</TD><TD class=yfnc_tabledata1 align=right>1.87</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>14-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.83</TD><TD class=yfnc_tabledata1 align=right>1.83</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.82</TD><TD class=yfnc_tabledata1 align=right>110,500</TD><TD class=yfnc_tabledata1 align=right>1.82</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>13-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.89</TD><TD class=yfnc_tabledata1 align=right>1.69</TD><TD class=yfnc_tabledata1 align=right>1.83</TD><TD class=yfnc_tabledata1 align=right>199,400</TD><TD class=yfnc_tabledata1 align=right>1.83</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>12-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>1.62</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>130,600</TD><TD class=yfnc_tabledata1 align=right>1.66</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>9-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.67</TD><TD class=yfnc_tabledata1 align=right>1.71</TD><TD class=yfnc_tabledata1 align=right>1.65</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>50,400</TD><TD class=yfnc_tabledata1 align=right>1.66</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>8-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.65</TD><TD class=yfnc_tabledata1 align=right>1.69</TD><TD class=yfnc_tabledata1 align=right>41,200</TD><TD class=yfnc_tabledata1 align=right>1.69</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>7-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>35,600</TD><TD class=yfnc_tabledata1 align=right>1.73</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>6-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.74</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>39,200</TD><TD class=yfnc_tabledata1 align=right>1.76</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>5-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>64,700</TD><TD class=yfnc_tabledata1 align=right>1.77</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>1-Apr-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>1.72</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>49,900</TD><TD class=yfnc_tabledata1 align=right>1.75</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>31-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>43,300</TD><TD class=yfnc_tabledata1 align=right>1.75</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>30-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>123,200</TD><TD class=yfnc_tabledata1 align=right>1.78</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>29-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>146,100</TD><TD class=yfnc_tabledata1 align=right>1.76</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>26-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.65</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>70,600</TD><TD class=yfnc_tabledata1 align=right>1.76</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>25-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>70,600</TD><TD class=yfnc_tabledata1 align=right>1.77</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>24-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.72</TD><TD class=yfnc_tabledata1 align=right>1.72</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.68</TD><TD class=yfnc_tabledata1 align=right>58,600</TD><TD class=yfnc_tabledata1 align=right>1.68</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>23-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.62</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>139,000</TD><TD class=yfnc_tabledata1 align=right>1.70</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>23-Mar-10</TD><TD class=yfnc_tabledata1 colSpan=6 align=middle>$ 0.20 Dividend</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>22-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.87</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>1.85</TD><TD class=yfnc_tabledata1 align=right>378,300</TD><TD class=yfnc_tabledata1 align=right>1.65</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>19-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.77</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>1.76</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>96,400</TD><TD class=yfnc_tabledata1 align=right>1.61</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>18-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.78</TD><TD class=yfnc_tabledata1 align=right>79,200</TD><TD class=yfnc_tabledata1 align=right>1.59</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>17-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.81</TD><TD class=yfnc_tabledata1 align=right>1.66</TD><TD class=yfnc_tabledata1 align=right>1.80</TD><TD class=yfnc_tabledata1 align=right>348,400</TD><TD class=yfnc_tabledata1 align=right>1.61</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>16-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>1.75</TD><TD class=yfnc_tabledata1 align=right>1.68</TD><TD class=yfnc_tabledata1 align=right>1.70</TD><TD class=yfnc_tabledata1 align=right>136,400</TD><TD class=yfnc_tabledata1 align=right>1.52</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>15-Mar-10</TD><TD class=yfnc_tabledata1 align=right>1.65</TD><TD class=yfnc_tabledata1 align=right>1.89</TD><TD class=yfnc_tabledata1 align=right>1.65</TD><TD class=yfnc_tabledata1 align=right>1.73</TD><TD class=yfnc_tabledata1 align=right>439,600</TD><TD class=yfnc_tabledata1 align=right>1.54</TD></TR></TBODY></TABLE>

apparently left some on the table

GOL

<TABLE border=0 cellSpacing=1 cellPadding=2 width="100%"><TBODY><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 16, 2010</TD><TD class=yfnc_tabledata1 align=right>13.52</TD><TD class=yfnc_tabledata1 align=right>13.61</TD><TD class=yfnc_tabledata1 align=right>12.96</TD><TD class=yfnc_tabledata1 align=right>13.13</TD><TD class=yfnc_tabledata1 align=right>1,030,300</TD><TD class=yfnc_tabledata1 align=right>13.13</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 15, 2010</TD><TD class=yfnc_tabledata1 align=right>13.50</TD><TD class=yfnc_tabledata1 align=right>13.68</TD><TD class=yfnc_tabledata1 align=right>13.37</TD><TD class=yfnc_tabledata1 align=right>13.65</TD><TD class=yfnc_tabledata1 align=right>648,300</TD><TD class=yfnc_tabledata1 align=right>13.65</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 14, 2010</TD><TD class=yfnc_tabledata1 align=right>13.33</TD><TD class=yfnc_tabledata1 align=right>13.44</TD><TD class=yfnc_tabledata1 align=right>13.14</TD><TD class=yfnc_tabledata1 align=right>13.33</TD><TD class=yfnc_tabledata1 align=right>839,100</TD><TD class=yfnc_tabledata1 align=right>13.33</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 13, 2010</TD><TD class=yfnc_tabledata1 align=right>13.65</TD><TD class=yfnc_tabledata1 align=right>13.65</TD><TD class=yfnc_tabledata1 align=right>13.11</TD><TD class=yfnc_tabledata1 align=right>13.19</TD><TD class=yfnc_tabledata1 align=right>1,052,300</TD><TD class=yfnc_tabledata1 align=right>13.19</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 12, 2010</TD><TD class=yfnc_tabledata1 align=right>13.54</TD><TD class=yfnc_tabledata1 align=right>13.67</TD><TD class=yfnc_tabledata1 align=right>13.44</TD><TD class=yfnc_tabledata1 align=right>13.54</TD><TD class=yfnc_tabledata1 align=right>969,200</TD><TD class=yfnc_tabledata1 align=right>13.54</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 9, 2010</TD><TD class=yfnc_tabledata1 align=right>13.30</TD><TD class=yfnc_tabledata1 align=right>13.58</TD><TD class=yfnc_tabledata1 align=right>13.19</TD><TD class=yfnc_tabledata1 align=right>13.54</TD><TD class=yfnc_tabledata1 align=right>1,085,400</TD><TD class=yfnc_tabledata1 align=right>13.54</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 8, 2010</TD><TD class=yfnc_tabledata1 align=right>13.03</TD><TD class=yfnc_tabledata1 align=right>13.45</TD><TD class=yfnc_tabledata1 align=right>12.98</TD><TD class=yfnc_tabledata1 align=right>13.38</TD><TD class=yfnc_tabledata1 align=right>1,342,600</TD><TD class=yfnc_tabledata1 align=right>13.38</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 7, 2010</TD><TD class=yfnc_tabledata1 align=right>12.71</TD><TD class=yfnc_tabledata1 align=right>12.98</TD><TD class=yfnc_tabledata1 align=right>12.69</TD><TD class=yfnc_tabledata1 align=right>12.96</TD><TD class=yfnc_tabledata1 align=right>1,192,000</TD><TD class=yfnc_tabledata1 align=right>12.96</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 6, 2010</TD><TD class=yfnc_tabledata1 align=right>12.90</TD><TD class=yfnc_tabledata1 align=right>12.95</TD><TD class=yfnc_tabledata1 align=right>12.68</TD><TD class=yfnc_tabledata1 align=right>12.69</TD><TD class=yfnc_tabledata1 align=right>1,167,600</TD><TD class=yfnc_tabledata1 align=right>12.69</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 5, 2010</TD><TD class=yfnc_tabledata1 align=right>13.20</TD><TD class=yfnc_tabledata1 align=right>13.20</TD><TD class=yfnc_tabledata1 align=right>12.91</TD><TD class=yfnc_tabledata1 align=right>13.03</TD><TD class=yfnc_tabledata1 align=right>1,043,600</TD><TD class=yfnc_tabledata1 align=right>13.03</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Apr 1, 2010</TD><TD class=yfnc_tabledata1 align=right>12.67</TD><TD class=yfnc_tabledata1 align=right>13.03</TD><TD class=yfnc_tabledata1 align=right>12.65</TD><TD class=yfnc_tabledata1 align=right>12.91</TD><TD class=yfnc_tabledata1 align=right>1,680,200</TD><TD class=yfnc_tabledata1 align=right>12.91</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 31, 2010</TD><TD class=yfnc_tabledata1 align=right>12.25</TD><TD class=yfnc_tabledata1 align=right>12.56</TD><TD class=yfnc_tabledata1 align=right>12.22</TD><TD class=yfnc_tabledata1 align=right>12.39</TD><TD class=yfnc_tabledata1 align=right>1,114,600</TD><TD class=yfnc_tabledata1 align=right>12.39</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 30, 2010</TD><TD class=yfnc_tabledata1 align=right>12.24</TD><TD class=yfnc_tabledata1 align=right>12.31</TD><TD class=yfnc_tabledata1 align=right>11.95</TD><TD class=yfnc_tabledata1 align=right>12.05</TD><TD class=yfnc_tabledata1 align=right>894,000</TD><TD class=yfnc_tabledata1 align=right>12.05</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 30, 2010</TD><TD class=yfnc_tabledata1 colSpan=6 align=middle>$ 0.398 Dividend</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 29, 2010</TD><TD class=yfnc_tabledata1 align=right>12.32</TD><TD class=yfnc_tabledata1 align=right>12.46</TD><TD class=yfnc_tabledata1 align=right>12.29</TD><TD class=yfnc_tabledata1 align=right>12.46</TD><TD class=yfnc_tabledata1 align=right>565,100</TD><TD class=yfnc_tabledata1 align=right>12.06</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 26, 2010</TD><TD class=yfnc_tabledata1 align=right>12.22</TD><TD class=yfnc_tabledata1 align=right>12.27</TD><TD class=yfnc_tabledata1 align=right>11.97</TD><TD class=yfnc_tabledata1 align=right>12.10</TD><TD class=yfnc_tabledata1 align=right>809,700</TD><TD class=yfnc_tabledata1 align=right>11.71</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 25, 2010</TD><TD class=yfnc_tabledata1 align=right>12.48</TD><TD class=yfnc_tabledata1 align=right>12.68</TD><TD class=yfnc_tabledata1 align=right>12.16</TD><TD class=yfnc_tabledata1 align=right>12.21</TD><TD class=yfnc_tabledata1 align=right>850,500</TD><TD class=yfnc_tabledata1 align=right>11.82</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 24, 2010</TD><TD class=yfnc_tabledata1 align=right>12.40</TD><TD class=yfnc_tabledata1 align=right>12.45</TD><TD class=yfnc_tabledata1 align=right>12.16</TD><TD class=yfnc_tabledata1 align=right>12.34</TD><TD class=yfnc_tabledata1 align=right>496,600</TD><TD class=yfnc_tabledata1 align=right>11.95</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 23, 2010</TD><TD class=yfnc_tabledata1 align=right>12.64</TD><TD class=yfnc_tabledata1 align=right>12.64</TD><TD class=yfnc_tabledata1 align=right>12.34</TD><TD class=yfnc_tabledata1 align=right>12.51</TD><TD class=yfnc_tabledata1 align=right>548,200</TD><TD class=yfnc_tabledata1 align=right>12.11</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 22, 2010</TD><TD class=yfnc_tabledata1 align=right>12.03</TD><TD class=yfnc_tabledata1 align=right>12.55</TD><TD class=yfnc_tabledata1 align=right>12.02</TD><TD class=yfnc_tabledata1 align=right>12.47</TD><TD class=yfnc_tabledata1 align=right>844,300</TD><TD class=yfnc_tabledata1 align=right>12.07</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 19, 2010</TD><TD class=yfnc_tabledata1 align=right>12.81</TD><TD class=yfnc_tabledata1 align=right>12.86</TD><TD class=yfnc_tabledata1 align=right>12.16</TD><TD class=yfnc_tabledata1 align=right>12.36</TD><TD class=yfnc_tabledata1 align=right>1,984,800</TD><TD class=yfnc_tabledata1 align=right>11.97</TD></TR><TR><TD class=yfnc_tabledata1 noWrap align=right>Mar 18, 2010</TD><TD class=yfnc_tabledata1 align=right>13.04</TD><TD class=yfnc_tabledata1 align=right>13.11</TD><TD class=yfnc_tabledata1 align=right>12.71</TD><TD class=yfnc_tabledata1 align=right>12.81</TD><TD class=yfnc_tabledata1 align=right>1,090,700</TD><TD class=yfnc_tabledata1 align=right>12.40</TD></TR></TBODY></TABLE>
sold on $13.00 stop Friday closed @ 13.13 after hours has now at 13.55-- drat--still nice profit

currently holding MTA and DT
MTA ex date 4-28
DT not declared yet but should soon and most time not much before their ex date as history will note--
<TABLE border=0 cellSpacing=0 cellPadding=0 width=100><TBODY><TR><TD> </TD></TR><TR><TD> </TD></TR></TBODY></TABLE>

​

<TABLE cellSpacing=0 borderColor=#b0c1d9 cellPadding=4 width="87%"><TBODY><TR><TD bgColor=#b0c1d9>

DEUTSCHE TELEKOM AG ( NYSE : DT )​

</TD></TR></TBODY></TABLE>
​

<TABLE border=0 cellSpacing=0 cellPadding=2 width="87%"><TBODY><TR class=hyper13 bgColor=#dcdcdc><TD>

Year​

</TD><TD>

Declaration Date ​

</TD><TD>

Ex-Dividend Date ​

</TD><TD>

Record Date ​

</TD><TD>

Payable Date ​

</TD><TD>

Dividend $ Amount​

</TD></TR></TBODY></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=2 width="87%"><TBODY><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2009​

</TD><TD noWrap>

Mar 30, 2009​

</TD><TD noWrap>

Apr 28, 2009​

</TD><TD noWrap>

Apr 30, 2009​

</TD><TD noWrap>

May 12, 2009​

</TD><TD noWrap>

1.0359​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2009 Total:​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

1.0359 ​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2008​

</TD><TD noWrap>

Apr 23, 2008​

</TD><TD noWrap>

May 13, 2008​

</TD><TD noWrap>

May 15, 2008​

</TD><TD noWrap>

May 27, 2008​

</TD><TD noWrap>

0.9538​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2008 Total:​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

0.9538 ​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2007​

</TD><TD noWrap>

Mar 28, 2007​

</TD><TD noWrap>

May 01, 2007​

</TD><TD noWrap>

May 03, 2007​

</TD><TD noWrap>

May 11, 2007​

</TD><TD noWrap>

0.9797​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2007 Total:​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

0.9797 ​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2006​

</TD><TD noWrap>

Mar 28, 2006​

</TD><TD noWrap>

May 01, 2006​

</TD><TD noWrap>

May 03, 2006​

</TD><TD noWrap>

May 11, 2006​

</TD><TD noWrap>

0.8702​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2006 Total:​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

0.8702 ​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD><TD noWrap> </TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2005​

</TD><TD noWrap>

Apr 08, 2005​

</TD><TD noWrap>

Apr 22, 2005​

</TD><TD noWrap>

Apr 26, 2005​

</TD><TD noWrap>

May 03, 2005​

</TD><TD noWrap>

0.7954​

</TD></TR><TR class=hyper13 borderColor=#dcdcdc><TD noWrap>

2005 Total:​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

​

</TD><TD noWrap>

0.7954 ​

</TD></TR></TBODY></TABLE>